Exhibit 10.4


 


 






 


CUSTODY
AGREEMENT


 





 



 


dated as of December
16, 2016


by and among


 


GSV GROWTH CREDIT FUND
INC.


 


(“Company”)


 


and


 


U.S. BANK NATIONAL ASSOCIATION

(“Custodian” and “Document Custodian”)


 




    	 	 	 



     


    

 


TABLE OF CONTENTS


 


	 	 	Page
	 	 	 
	1.	DEFINITIONS	1
	2.	APPOINTMENT OF CUSTODIAN 	7
	3.	DUTIES OF CUSTODIAN 	7
	3A.	 DUTIES OF DOCUMENT CUSTODIAN	16
	4.	REPORTING 	16
	5.	DEPOSIT IN U.S. SECURITIES SYSTEMS 	17
	6.	[RESERVED.] 	17
	7.	CERTAIN GENERAL TERMS 	17
	8.	COMPENSATION OF CUSTODIAN 	19
	9.	RESPONSIBILITY OF CUSTODIAN 	20
	10.	SECURITY CODES 	23
	11.	TAX LAW 	23
	12.	EFFECTIVE PERIOD, TERMINATION 	24
	13.	REPRESENTATIONS AND WARRANTIES	25
	14.	PARTIES IN INTEREST; NO THIRD PARTY BENEFIT	25
	15.	NOTICES	25
	16.	CHOICE OF LAW AND JURISDICTION	26
	17.	ENTIRE AGREEMENT; COUNTERPARTS 	27
	18.	AMENDMENT; WAIVER 	27
	19.	SUCCESSOR AND ASSIGNS 	27
	20.	SEVERABILITY 	28
	21.	REQUEST FOR INSTRUCTIONS 	28
	22.	OTHER BUSINESS 	28
	23.	REPRODUCTION OF DOCUMENTS	28
	24.	ACQUISITION OF FOREIGN SECURITIES	28
	25.	MISCELLANEOUS 	29





	SCHEDULES
	SCHEDULE A – Trade Confirmation
	SCHEDULE B – Initial Authorized Persons
	SCHEDULE C - Persons Authorized to Confirm Instructions by call back


 




     i


     


    

 


This CUSTODY AGREEMENT (this “Agreement”)
is dated as of November     , 2016, and is by and between GSV GROWTH CREDIT FUND INC. (and any successor
or permitted assign, the “Company”), a corporation organized under the laws of the State of Maryland, having
its principal place of business at 2925 Woodside Road, Woodside, CA 94062, U.S. BANK NATIONAL ASSOCIATION (in such capacity, along
with any successor or permitted assign acting as custodian hereunder, the “Custodian”), a national banking association
having a place of business at One Federal Street, 3rd Floor, Boston MA 02110 and the Custodian in its capacity as document custodian
(in such capacity, along with any successor or permitted assign acting as custodian hereunder, the “Document Custodian”).


 


RECITALS


 


WHEREAS, the Company is a closed-end management
investment company, which has elected to be treated as a business development company under the Investment Company Act of 1940,
as amended (the “1940 Act”);


 


WHEREAS, the Company desires to retain U.S.
Bank National Association to act as custodian and document custodian for the Company and each Subsidiary hereafter identified to
the Custodian and the Document Custodian;


 


WHEREAS, the Company
desires that the Company’s Securities (as defined below) and cash be held and administered by the Custodian pursuant to this
Agreement in compliance with Section 17(f) of the 1940 Act; and


 


NOW THEREFORE, in consideration of the mutual
covenants and agreements contained herein, the parties hereto agree as follows:


 


		1.	DEFINITIONS



 


1.1          Defined Terms. In addition to terms
expressly defined elsewhere herein, the following words shall have the following meanings as used in this Agreement:


 


“Account” means the Cash Accounts,
the Securities Account, any Subsidiary Cash Account and any Subsidiary Securities Account, collectively.


 


“Agreement” means
this Custody Agreement (as the same may be amended from time to time in accordance with the terms hereof).


 


“Authorized Person” has the meaning
set forth in Section 7.4.


 


“Business Day” means a day on which
the Custodian or the relevant sub-custodian is open for business in the market or country in which a transaction is to take place.


 


“Cash Account” or “Cash
Accounts” means any or all of the segregated trust accounts to be established at the Custodian to which the Custodian
shall deposit or credit and hold any cash or Proceeds received by it from time to time from or with respect to the Securities or
the sale of the Securities of the Company, as applicable, which trust accounts shall be designated the “Cash Proceeds Account”,
“Principal Account”, and “Interest Account”.


 






     


     


    

 


“Company” has
the meaning set forth in the first paragraph of this Agreement.


 


“Confidential Information”
means any databases, computer programs, screen formats, screen designs, report formats, interactive design techniques, and other
similar or related information that may be furnished to the Company by the Custodian from time to time pursuant to this Agreement.


 


“Custodian” has the meaning set
forth in the first paragraph of this Agreement.


 


“Document Custodian” means the
Custodian when acting in the role of a document custodian hereunder.


 


“Eligible Investment” means any
investment that at the time of its acquisition is one or more of the following:


 


(a)          United States government
and agency obligations;


 


(b)          commercial paper having
a rating assigned to such commercial paper by Standard & Poor’s Rating Services or Moody’s Investor Service, Inc.
(or, if neither such organization shall rate such commercial paper at such time, by any nationally recognized rating organization
in the United States of America) equal to one of the two highest ratings assigned by such organization, it being understood that
as of the date hereof such ratings by Standard & Poor’s Rating Services are “A1+” and “A1” and
such ratings by Moody’s Investor Service, Inc. are “P1” and “P2”;


 


(c)          interest bearing deposits
in United States dollars in United States or Canadian banks with an unrestricted surplus of at least U.S. $250,000,000, maturing
within one year; and


 


(d)          money market funds (including
funds of the bank serving as Custodian or its affiliates) or United States government securities funds designed to maintain a fixed
share price and high liquidity.


 


“Eligible Securities Depository”
has the meaning set forth in Section (b)(1) of Rule 17f-7 under the 1940 Act.


 


“Federal Reserve Bank Book-Entry System”
means a depository and securities transfer system operated by the Federal Reserve Bank of the United States on which are eligible
to be held all United States Government direct obligation bills, notes and bonds.


 


“Financing Documents” has the meaning
set forth in Section 3.3(b).


 


“Loan” means any U.S. dollar denominated
commercial loan, or Participation therein, made by a bank or other financial institution that by its terms provides for payments
of principal and/or interest, including discount obligations and payment- in-kind obligations, acquired by the Company from time
to time.


 




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“Loan Checklist” means a list delivered
to the Document Custodian in connection with delivery of each Loan to the Custodian by the Company that identifies the items contained
in the related Loan File.


 


“Loan File” means, with respect
to each Loan delivered to the Document Custodian, each of the Required Loan Documents identified on the related Loan Checklist.


 


“Noteless Loan” means a Loan with
respect to which (i) the related loan agreement does not require the obligor to execute and deliver an Underlying Note to evidence
the indebtedness created under such Loan and (ii) no Underlying Notes are outstanding with respect to the portion of the Loan transferred
by the issuer or the prior holder of record.


 


“Participation” means an interest
in a Loan that is acquired indirectly by way of a participation from a selling institution.


 


“Person” means any individual,
corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including any beneficiary
thereof), unincorporated organization, or any government or agency or political subdivision thereof.


 


“Proceeds” means, collectively,
(i) the net cash proceeds to the Company of the initial public offering by the Company and any subsequent offering by the Company
of any class of securities issued by the Company, (ii) all cash distributions, earnings, dividends, fees and other cash payments
paid on the Securities (or, as applicable, Subsidiary Securities) by or on behalf of the issuer or obligor thereof, or applicable
paying agent, (iii) the net cash proceeds of the sale or other disposition of the Securities (or, as applicable, Subsidiary Securities)
pursuant to the terms of this Agreement and (iv) the net cash proceeds to the Company of any borrowing or other financing by the
Company (and any Reinvestment Earnings from investment of any of the foregoing), as delivered to the Custodian from time to time.


 


“Proper Instructions” means instructions
(including Trade Confirmations) received by the Custodian in form acceptable to it, from the Company, or any Person duly authorized
by the Company, by any of the following means:


 


(a)          in writing signed by an
Authorized Person (and delivered by hand, by mail or by overnight courier );


 


(b)          by electronic mail from
an Authorized Person;


 


(c)          in a communication utilizing
access codes effected between electro mechanical or electronic devices; or


 




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(d)          such other means as may
be agreed upon from time to time by the Custodian and the party giving such instructions, including oral instructions;


 


provided that, for any transaction
involving cash (e.g., withdrawals, transfers and disbursements) or assets, the Custodian shall confirm that the instruction is
authorized by an Authorized Person by telephone call-back at the telephone number designated in Schedule C. The Authorized Person
confirming the instruction shall be a person other than the Authorized Person from whom the Instruction was received.


 


“Reinvestment Earnings” has the
meaning set forth in Section 3.6(b).


 


“Required Loan Documents” means,
for each Loan:


 


(a)          other than in the case of a Participation,
an executed copy of the Assignment for such Loan, as identified on the Loan Checklist;


 


(b)          with the exception of Noteless
Loans and Participations, the original executed Underlying Note endorsed by the issuer or the prior holder of record in blank or
to the Company, as identified on the Loan Checklist;


 


(c)          (i) if the Company is the
sole lender or if the Company or an affiliate of the Company acts as agent for the lenders (in each case as notified to the Custodian
in the Loan Checklist), (A) an executed copy of the Underlying Loan Agreement (which may be included in the Underlying Note if
so indicated in the Loan Checklist), together with a copy of all amendments and modifications thereto, as identified on the Loan
Checklist, (B) a copy of each related security agreement (if any) signed by the applicable obligor(s), as identified on the Loan
Checklist, and (C) a copy of each related guarantee (if any) then executed in connection with such Loan, as identified on the Loan
Checklist, and (ii) in all other cases, such copies of the documents described in clauses (A), (B) and (C), which may not be executed
copies, as are reasonably available to the Company, as identified on the Loan Checklist; and


 


(d)          a copy of the Loan Checklist.


 


“Securities” means, collectively,
(i) the investments, including Loans, acquired by the Company and delivered to the Custodian by the Company from time to time during
the term of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments
described in clause (i). For avoidance of confusion, the term “securities” includes stocks, shares, bonds, debentures,
notes, mortgages or other obligations and any certificates, receipts, warrants or other instruments representing rights to receive,
purchase, or subscribe for the same, or evidencing or representing any other rights or interests therein, or in any property or
assets).


 




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“Securities Account” means the
segregated trust account to be established at the Custodian to which the Custodian shall deposit or credit and hold the Securities
(other than Loans) received by it pursuant to this Agreement, which account shall be designated the “GSV Growth Credit Fund
Securities Custody Account”.


 


“Securities Custodian” means the
Custodian when acting in the role of a securities custodian hereunder.


 


“Securities Depository” means The
Depository Trust Company and any other clearing agency registered with the Securities and Exchange Commission under Section 17A
of the Securities Exchange Act of 1934, as amended (the “1934 Act”), which acts as a system for the central
handling of securities where all securities of any particular class or series of an issuer deposited within the system are treated
as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the securities.


 


“Securities System” means the Federal
Reserve Book-Entry System, a clearing agency which acts as a Securities Depository, or another book entry system for the central
handling of securities (including an Eligible Securities Depository).


 


“Street Delivery Custom” means
a custom of the United States securities market to deliver securities which are being sold to the buying broker for examination
to determine that the securities are in proper form.


 


“Street Name” means the form of
registration in which the securities are held by a broker who is delivering the securities to another broker for the purposes of
sale, it being an accepted custom in the United States securities industry that a security in Street Name is in proper form for
delivery to a buyer and that a security may be re-registered by a buyer in the ordinary course.


 


“Subsidiary Cash Account” shall
have the meaning set forth in Section 3.13(b).


 


“Subsidiary Securities” collectively,
(i) the investments, including Loans, acquired by a Subsidiary and delivered to the Custodian from time to time during the term
of, and pursuant to the terms of, this Agreement and (ii) all dividends in kind (e.g., non-cash dividends) from the investments
described in clause (i).


 


“Subsidiary Securities Account”
shall have the meaning set forth in Section 3.13(a).


 


“Subsidiary” means any wholly
owned subsidiary of the Company identified to the Custodian by the Company.


 


“Trade Confirmation” means a confirmation
to the Custodian from the Company of the Company’s acquisition of a Loan, and setting forth applicable information with respect
to such Loan, which confirmation may be in the form of Schedule A attached hereto and made a part hereof, subject to such
changes or additions as may be agreed to by, or in such other form as may be agreed to by, the Custodian and the Company from time
to time.


 




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“UCC” shall have the meaning set
forth in Section 3.3(a).


 


“Underlying Loan Agreement” means,
with respect to any Loan, the document or documents evidencing the commercial loan agreement or facility pursuant to which such
Loan is made.


 


“Underlying Loan Documents” means,
with respect to any Loan, the related Underlying Loan Agreement together with any agreements and instruments (including any Underlying
Note) executed or delivered in connection therewith.


 


“Underlying Note” means the one
or more promissory notes executed by an obligor to evidence a Loan.


 


1.2          Construction. In this Agreement unless the
contrary intention appears:


 


(a)          any reference to this
Agreement or another agreement or instrument refers to such agreement or instrument as the same may be amended, modified or otherwise
rewritten from time to time;


 


(b)          a reference to a statute,
ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments
or replacements of any of them;


 


(c)          any term defined in the
singular form may be used in, and shall include, the plural with the same meaning, and vice versa;


 


(d)          a reference to a Person
includes a reference to the Person’s executors, successors and permitted assigns;


 


(e)          an agreement, representation
or warranty in favor of two or more Persons is for the benefit of them jointly and severally;


 


(f)          an agreement, representation
or warranty on the part of two or more Persons binds them jointly and severally;


 


(g)          a reference to the term
“including” means “including, without limitation,” and


 


(h)          a reference to any accounting
term is to be interpreted in accordance with generally accepted principles and practices in the United States, consistently applied,
unless otherwise instructed by the Company.


 


1.3          Headings. Headings are inserted for
convenience and do not affect the interpretation of this Agreement.


 




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2.          APPOINTMENT OF CUSTODIAN


 


2.1          Appointment and Acceptance. The Company
hereby appoints the Custodian as custodian of certain Securities and cash owned by the Company and the Subsidiaries (as applicable)
and delivered to the Custodian by the Company from time to time during the period of this Agreement, on the terms and conditions
set forth in this Agreement (which shall include any addendum hereto which is hereby incorporated herein and made a part of this
Agreement), and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement
with respect to it, subject to and in accordance with the provisions hereof. All Required Loan Documents and Securities in certificated
form shall be maintained and held on behalf of the Company by the Custodian in its vaults or the vaults of a sub-custodian.


 


2.2          Instructions. The Company agrees that
it shall from time to time provide, or cause to be provided, to the Custodian all necessary instructions and information, and shall
respond promptly to all inquiries and requests of the Custodian, as may reasonably be necessary to enable the Custodian to perform
its duties hereunder.


 


2.3          Company Responsible For Directions.
The Company is solely responsible for directing the Custodian with respect to deposits to, withdrawals from and transfers to or
from the Account. Without limiting the generality of the foregoing, the Custodian has no responsibility for the Company’s
compliance with the 1940 Act, any restrictions, covenants, limitations or obligations to which the Company may be subject or for
which it may have obligations to third-parties in respect of the Account, and the Custodian shall have no liability for the application
of any funds made at the direction of the Company. The Company shall be solely responsible for properly instructing all applicable
payors to make all appropriate payments to the Custodian for deposit to the Account, and for properly instructing the Custodian
with respect to the allocation or application of all such deposits.


 


3.          DUTIES OF CUSTODIAN


 


3.1          Segregation. All Securities and non-cash
property held by the Custodian, as applicable, for the account of the Company (other than Securities maintained in a Securities
Depository or Securities System) shall be physically segregated from other Securities and non-cash property in the possession of
the Custodian and shall be identified as subject to this Agreement.


 


3.2          Securities Custody Account. The Custodian
shall open and maintain in its trust department a segregated trust account in the name of the Company, subject only to order of
the Custodian, in which the Custodian shall enter and carry, subject to Section 3.3(a), all Securities (other than Loans) and other
investment assets of the Company which are delivered to it in accordance with this Agreement. For avoidance of doubt, the Custodian
shall not be required to credit or deposit Loans in the Securities Account but shall instead maintain a register (in book-entry
form or in such other form as it shall deem necessary or desirable) of such Loans, containing such information as the Company and
the Custodian may reasonably agree. The Custodian shall have no power or authority to assign, hypothecate, pledge or otherwise
dispose of any such Securities and investments except pursuant to the direction of the Company under terms of the Agreement.


 




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3.3          Delivery of Cash and Securities to Custodian.


 


(a)          The Company shall deliver,
or cause to be delivered, to the Custodian certain of the Company’s Securities, cash and other investment assets, including
(a) payments of income, payments of principal and capital distributions received by the Company with respect to such Securities,
cash or other assets owned by the Company at any time during the period of this Agreement, and (b) cash received by the Company
for the issuance, at any time during such period, of securities or in connection with a borrowing by the Company, except as otherwise
permitted by the 1940 Act. With respect to assets other than Loans, such assets shall be delivered to the Custodian in its role
as, and (where relevant) at the address identified for, the Securities Custodian. Except to the extent otherwise expressly provided
herein, delivery of Securities to the Custodian shall be in Street Name or other good delivery form. The Custodian shall not be
responsible for such Securities, cash or other assets until actually delivered to, and received by it. With respect to Securities
(other than Loan Assets and assets in the nature of “general intangibles” (as hereinafter defined)) held by the Custodian
in its capacity as a “securities intermediary” (as defined in Section 8-102 of the Uniform Commercial Code as in effect
in the State of New York (the “UCC”)), the Custodian shall be obligated to exercise due care in accordance with
reasonable commercial standards in discharging its duties as a securities intermediary to obtain and maintain such Securities.


 


(b)          (i)          In connection with
its acquisition of a Loan or other delivery of a Security constituting a Loan, the Company shall deliver or cause to be delivered
to the Custodian a properly completed Trade Confirmation containing such information in respect of such Loan as the Custodian may
reasonably require in order to enable the Custodian to perform its duties hereunder in respect of such Loan on which the Custodian
may conclusively rely without further inquiry or investigation, in such form and format as the Custodian reasonably may require.


 


(ii)          Notwithstanding anything herein to the contrary,
delivery of Loan Files acquired by the Company (or, if applicable, a Subsidiary thereof) which constitute Noteless Loans or Participations
or which are otherwise not evidenced by a “security” or “instrument” as defined in Section 8-102 and Section
9-102(a)(47) of the UCC), respectively, shall be made by delivery to the Document Custodian of (i) in the case of a Noteless Loan,
a copy of the loan register with respect to such Noteless Loan evidencing registration of such Loan on the books and records of
the applicable obligor or bank agent to the name of the Company or, if applicable, a Subsidiary thereof (or, in either case, its
nominee) or a copy (which may be a facsimile copy) of an assignment agreement in favor of the Company (or, if applicable, a Subsidiary
thereof) as assignee, and (ii) in the case of a Participation, a copy of the related participation agreement. Any duty on the part
of the Custodian with respect to the custody of such Loans shall be limited to the exercise of reasonable care by the Custodian
in the physical custody of any such documents delivered to it, and any related instrument, security, credit agreement, assignment
agreement and/or other agreements or documents, if any (collectively, “Financing Documents”), that may be delivered
to it. Nothing herein shall require the Custodian to credit to the Securities Account or to treat as a financial asset (within
the meaning of Section 8-102(a)(9) of the UCC) any such Loan or other asset in the nature of a general intangible (as defined in
Section 9-102(a)(42) of the UCC) or to “maintain” a sufficient quantity thereof.


 




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(iii)          The Custodian may assume the genuineness of
any such Financing Document it may receive and the genuineness and due authority of any signatures appearing thereon, and shall
be entitled to assume that each such Financing Document it may receive is what it purports to be. If an original “security”
or “instrument” as defined in Section 8-102 and Section 9-102(a)(47) of the UCC, respectively, is or shall be or become
available with respect to any Loan to be held by the Custodian under this Agreement, it shall be the sole responsibility of the
Company to make or cause delivery thereof to the Document Custodian, and the Custodian shall not be under any obligation at any
time to determine whether any such original security or instrument has been or is required to be issued or made available in respect
of any Loan or to compel or cause delivery thereof to the Custodian.


 


(iv)          Contemporaneously with the acquisition of any
Loan, the Company shall (A) if requested by the Custodian, provide to the Custodian an amortization schedule of principal payments
and a schedule of the interest payable date(s) identifying the amount and due dates of all scheduled principal and interest payments
for such Loan; (B) take all actions necessary for the Company to acquire good title to such Loan; and (C) take all actions as may
be necessary (including appropriate payment notices and instructions to bank agents or other applicable paying agents) to cause
(x) all payments in respect of the Loan to be made to the Custodian and (y) all notices, solicitations and other communications
in respect of such Loan to be directed to the Company. The Custodian shall have no liability for any delay or failure on the part
of the Company to provide necessary information to the Custodian, or for any inaccuracy therein or incompleteness thereof, or for
any delay or failure on the part of the Company to give such effective payment instruction to bank agents and other paying agents,
in respect of the Loans. With respect to each such Loan, the Custodian shall be entitled to rely on any information and notices
it may receive from time to time from the related bank agent, obligor or similar party with respect to the related Loan Asset,
or from the Company, and shall be entitled to update its records (as it may deem necessary or appropriate) on the basis of such
information or notices received, without any obligation on its part independently to verify, investigate or recalculate such information.


 




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3.4          Release of Securities.


 


		(a)	The Custodian or the Document Custodian, as applicable,
shall release and ship for delivery, or direct its agents or sub-custodian to release and ship for delivery, as the case may be,
Securities, or Required Loan Documents (or other Underlying Loan Documents) in the case of the Document Custodian, of the Company
held by the Custodian or the Document Custodian, as applicable, their agents or its sub-custodian from time to time upon receipt
of Proper Instructions (which shall, among other things, specify the Securities, or Required Loan Documents (or other Underlying
Loan Documents) in the case of the Document Custodian, to be released, with such delivery and other information as may be necessary
to enable the Custodian or the Document Custodian to perform (including the delivery method)), which may be standing instructions
(in form acceptable to the Custodian or the Document Custodian), in the following cases:



 


		(i)	upon sale of such Securities by or on behalf of the Company,
and such sale may, unless and except to the extent otherwise directed by Proper Instructions, be carried out by the Custodian
or the Document Custodian:



 


		(A)	in accordance with the customary or established practices
and procedures in the jurisdiction or market where the transactions occur, including delivery to the purchaser thereof or to a
dealer therefor (or an agent of such purchaser or dealer) against expectation of receiving later payment; or



 


		(B)	in the case of a sale effected through a Securities System,
in accordance with the rules governing the operations of the Securities System;



 


		(ii)	upon the receipt of payment in connection with any repurchase
agreement related to such Securities;



 


		(iii)	to a depositary agent in connection with tender or other
similar offers for such Securities;



 


		(iv)	to the issuer thereof, or its agent, when such Securities
are called, redeemed, retired or otherwise become payable (unless otherwise directed by Proper Instructions, the cash or other
consideration is to be delivered to the Custodian, its agents or its sub-custodian);



 


		(v)	to an issuer thereof, or its agent, for transfer into the
name of the Custodian, the Document Custodian or of any nominee of the Custodian or the Document Custodian or into the name of
any of its agents or sub- custodian or their nominees, or for exchange for a different number of bonds, certificates or other
evidence representing the same aggregate face amount or number of units;



 




    	 	-10	 



     


    

 


		(vi)	to brokers, clearing banks or other clearing agents for
examination in accordance with the Street Delivery Custom;



 


		(vii)	for exchange or conversion pursuant to any plan of merger,
consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such Securities, or pursuant
to any deposit agreement (unless otherwise directed by Proper Instructions, the new securities and cash, if any, are to be delivered
to the Custodian, the Document Custodian, their agents or their sub-custodians);



 


		(viii)	in the case of warrants, rights or similar securities,
the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary
securities for definitive securities (unless otherwise directed by Proper Instructions, the new securities and cash, if any, are
to be delivered to the Custodian, the Document Custodian, their agents or their sub-custodians); and/or



 


		(ix)	for any other purpose, but only upon receipt of Proper
Instructions and an officer’s certificate signed by an officer of the Company (which officer shall not have been the Authorized
Person providing the Proper Instructions) stating (i) the specified securities to be delivered, (ii) the purpose for such delivery,
(iii) that such purpose is a proper corporate purpose and (iv) naming the person or persons to whom delivery of such Securities
shall be made, and attaching a certified copy of a resolution of the board of directors of the Company or an authorized committee
thereof approving the delivery of such Proper Instructions.



 


3.5          Registration of Securities. Securities
held by the Custodian, its agents or its sub- custodian (other than bearer securities, securities held in a Securities System or
Securities that are Noteless Loans or Participations) shall be registered in the name of the Company or its nominee; or, at the
option of the Custodian (if the Custodian determines it cannot hold such security in the name of the Company), in the name of the
Custodian or in the name of any nominee of the Custodian, or in the name of its agents or its sub-custodian or their nominees;
or, if directed by the Company by Proper Instructions, may be maintained in Street Name. The Custodian, its agents and its sub-custodian
shall not be obligated to accept Securities on behalf of the Company under the terms of this Agreement unless such Securities are
in Street Name or other good deliverable form.


 


		3.6	Bank Accounts, and Management of Cash



 





		(a)	Proceeds and other cash received by the Custodian from
time to time shall be deposited or credited to the respective Cash Account as designated by the Company. All amounts deposited
or credited to the designated Cash Account shall be subject to clearance and receipt of final payment by the Custodian.





 




    	 	-11	 



     


    

 


 


		(b)	Amounts held in the respective Cash Account from time to
time may be invested in Eligible Investments pursuant to specific written Proper Instructions (which may be standing instructions)
received by the Custodian from an Authorized Person acting on behalf of the Company. Such investments shall be subject to availability
and the Custodian’s then applicable transaction charges (which shall be at the Company’s expense). The Custodian shall
have no liability for any loss incurred on any such investment. Absent receipt of such written instruction from the Company, the
Custodian shall have no obligation to invest (or otherwise pay interest on) amounts on deposit in the respective Cash Accounts.
In no instance will the Custodian have any obligation to provide investment advice to the Company. Any earnings from such investment
of amounts held in the Cash Accounts from time to time (collectively, “Reinvestment Earnings”) shall be redeposited
in the respective Cash Accounts (and may be reinvested at the written direction of the Company).



 


		(c)	In the event that the Company shall at any time request
a withdrawal of amounts from any of the Cash Accounts, the Custodian shall be entitled to liquidate, and shall have no liability
for any loss incurred as a result of the liquidation of, any investment of the funds credited to such Cash Account as needed to
provide necessary liquidity.



 


		(d)	The Company acknowledges that cash deposited or invested
with any bank (including the bank acting as Custodian) may make a margin or generate banking income for which such bank shall
not be required to account to the Company.



 


		(e)	The Custodian shall be authorized to open such additional
accounts as may be necessary or convenient for administration of its duties hereunder.



 


		3.7	Foreign Exchange



 


		(a)	Upon the receipt of Proper Instructions, the Custodian,
its agents or its sub- custodian may (but shall not be obligated to) enter into all types of contracts for foreign exchange on
behalf of the Company, upon terms acceptable to the Custodian and the Company (in each case at the Company’s expense), including
transactions entered into with the Custodian, its sub-custodian or any affiliates of the Custodian or the sub-custodian. The Custodian
shall have no liability for any losses incurred in or resulting from the rates obtained in such foreign exchange transactions;
and absent specific Proper Instructions, the Custodian shall not be deemed to have any duty to carry out any foreign exchange
on behalf of the Company. The Custodian shall be entitled at all times to comply with any legal or regulatory requirements applicable
to currency or foreign exchange transactions.



 


		(b)	The Company acknowledges that the Custodian, any sub-custodian
or any affiliates of the Custodian or any sub-custodian, involved in any such foreign exchange transactions may make a margin
or generate banking income from foreign exchange transactions entered into pursuant to this Section for which they shall not be
required to account to the Company.



 




    	 	-12	 



     


    

 


3.8          Collection of Income. The Custodian,
its agents or its sub-custodian shall use reasonable efforts to collect on a timely basis all income and other payments with respect
to the Securities held hereunder to which the Company shall be entitled, to the extent consistent with usual custom in the securities
custodian business in the United States. Such efforts shall include collection of interest income, dividends and other payments
with respect to registered domestic securities if, on the record date with respect to the date of payment by the issuer, the Security
is registered in the name of the Custodian or its nominee (or in the name of its agent or sub-custodian, or their nominees); and
interest income, dividends and other payments with respect to bearer domestic securities if, on the date of payment by the issuer,
such Securities are held by the Custodian or its sub-custodian or agent; provided, however, that in the case of Securities held
in Street Name, the Custodian shall use commercially reasonable efforts only to timely collect income. In no event shall the Custodian’s
agreement herein to collect income be construed to obligate the Custodian to commence, undertake or prosecute any legal proceedings.


 


		3.9	Payment of Moneys.



 


		(a)	Upon receipt of Proper Instructions, which may be standing
instructions, the Custodian shall pay out from the respective Cash Account designated by the Company (or remit to its agents or
its sub-custodian, and direct them to pay out) moneys of the Company on deposit therein in the following cases:



 


		(i)	upon the purchase of Securities for the Company pursuant
to such Proper Instructions; and such purchase may, unless and except to the extent otherwise directed by Proper Instructions,
be carried out by the Custodian:



 


		(A)	in accordance with the customary or established practices
and procedures in the jurisdiction or market where the transactions occur, including delivering money to the seller thereof or
to a dealer therefor (or any agent for such seller or dealer) against expectation of receiving later delivery of such securities;
or



 


		(B)	in the case of a purchase effected through a Securities
System, in accordance with the rules governing the operation of such Securities System;



 


		(ii)	for the purchase or sale of foreign exchange or foreign
exchange agreements for the account of the Company, including transactions executed with or through the Custodian, its agents
or its sub-custodian, as contemplated by Section 3.8 above; and



 




    	 	-13	 



     


    

 


		(iii)	for any other purpose directed by the Company, but only
upon receipt of Proper Instructions specifying the amount of such payment, and naming the Person or Persons to whom such payment
is to be made.



 


		(b)	At any time or times, the Custodian shall be entitled to
pay (i) itself from any of the Cash Accounts, whether or not in receipt of express direction or instruction from the Company,
any amounts due and payable to it pursuant to Section 8 hereof, and (ii) as otherwise permitted by Section 7.5, 9.4 or Section
12.5 below; provided, however, that in each case (i) the Custodian shall have first invoiced or billed the Company for such amounts
and the Company shall have failed to pay such amounts within thirty (30) days after the date of such invoice or bill, and (ii)
all such payments shall be regularly accounted for to the Company.



 


3.10          Proxies. The Custodian will, with respect
to the Securities held hereunder, use reasonable efforts to cause to be promptly executed by the registered holder of such Securities
proxies received by the Custodian from its agents or its sub-custodian or from issuers of the Securities being held for the Company,
without indication of the manner in which such proxies are to be voted, and upon receipt of Proper Instructions shall promptly
deliver to the applicable issuer such proxies relating to such Securities. In the absence of such Proper Instructions, or in the
event that such Proper Instructions are not received in a timely fashion, except to the extent otherwise expressly provided herein,
the Custodian shall be under no duty to act with regard to such proxies. Notwithstanding the above, neither Custodian nor any nominee
of Custodian shall vote any of the Securities held hereunder by or for the account of the Company, except in accordance with Proper
Instructions.


 


3.11          Communications Relating to Securities.
The Custodian shall transmit promptly to the Company all written information (including proxies, proxy soliciting materials, notices,
pendency of calls and maturities of Securities and expirations of rights in connection therewith) received by the Custodian, from
its agents or its sub-custodian or from issuers of the Securities being held for the Company. The Custodian shall have no obligation
or duty to exercise any right or power, or otherwise to preserve rights, in or under any Securities unless and except to the extent
it has received timely Proper Instruction from the Company in accordance with the next sentence. The Custodian will not be liable
for any untimely exercise of any right or power in connection with Securities at any time held by the Custodian, its agents or
sub-custodian unless:


 


		(i)	the Custodian has received Proper Instructions with regard
to the exercise of any such right or power; and



 


		(ii)	the Custodian, or its agents or sub-custodian are in actual
possession of such Securities,



 


in each case, at least three (3) Business Days prior
to the date on which such right or power is to be exercised. It will be the responsibility of the Company to notify the Custodian
of the Person to whom such communications must be forwarded under this Section.


 




    	 	-14	 



     


    

 


3.12          Records. The Custodian shall create
and maintain complete and accurate records relating to its activities under this Agreement with respect to the Securities, cash
or other property held for the Company under this Agreement, as required by Section 31 of the 1940 Act, and Rules 31a-1 and 32a-2
thereunder. To the extent that the Custodian, in its sole opinion, is able to do so, the Custodian shall provide assistance to
the Company (at the Company’s reasonable request made from time to time) by providing sub- certifications regarding certain
of its services performed hereunder to the Company in connection with the Company’s certification requirements pursuant to
the Sarbanes- Oxley Act of 2002, as amended. All such records shall be the property of the Company and shall at all times during
the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Company
(including its independent public accountants) and employees and agents of the Securities and Exchange Commission, upon reasonable
request and prior notice and at the Company’s expense. The Custodian shall, at the Company’s request, supply the Company
with a tabulation of Securities owned by the Company and held by the Custodian and shall, when requested to do so by the Company
and for such compensation as shall be agreed upon between the Company and the Custodian, include, to the extent applicable, the
certificate numbers in such tabulations, to the extent such information is available to the Custodian.


 


		3.13	Custody of Subsidiary Securities.



 


		(a)	At the request of the Company, with respect to each Subsidiary
identified to the Custodian by the Company, there shall be established at the Custodian a segregated trust account to which the
Custodian shall deposit and hold any Subsidiary Securities (other than Loans) received by it pursuant to this Agreement, which
account shall be designated the “[INSERT NAME OF SUBSIDIARY] Securities Account” (the “Subsidiary Securities
Account”).



 


		(b)	At the request of the Company, with respect to each Subsidiary
identified to the Custodian by the Company, there shall be established at the Custodian a segregated trust account to which the
Custodian shall deposit and hold any Proceeds received by it from time to time from or with respect to Subsidiary Securities or
other Proceeds, which account shall be designated the “[INSERT NAME OF SUBSIDIARY] Cash Proceeds Account” (the “Subsidiary
Cash Account”).



 


		(c)	To the maximum extent possible, the provisions of this
Agreement regarding Securities of the Company, the Securities Account and the Cash Accounts shall be applicable to any Subsidiary
Securities, cash and other investment assets, Subsidiary Securities Account and Subsidiary Cash Account, respectively. The parties
hereto agree that the Company shall notify the Custodian in writing as to the establishment of any Subsidiary as to which the
Custodian is to serve as custodian pursuant to the terms of this Agreement; and identify in writing any accounts the Custodian
shall be required to establish for such Subsidiary as herein provided.



 




    	 	-15	 



     


    

 


		3A.	DUTIES OF DOCUMENT CUSTODIAN



 


		(a)	With respect to Loans, Required Loan Documents and other
Underlying Loan Documents shall be delivered to the Custodian in its role as, and at the address identified for, the Document
Custodian. All Required Loan Documents shall be held in safekeeping by the Document Custodian, individually segregated from the
securities and investments of any other Person and marked so as to clearly identify them as the property of the Company in a manner
consistent with Rule 17f-1 under the 1940 Act and as set forth in this Agreement.



 


		(b)	In connection with its acquisition of a Loan or other delivery
of a Security constituting a Loan, the Company shall deliver or cause to be delivered to the Document Custodian the Required Loan
Documents, including the Loan Checklist.



 


		(c)	For the avoidance of doubt, the Document Custodian shall
have no obligation to review or monitor any Required Loan Documents or other Underlying Loan Documents but shall only be required
to hold those Required Loan Documents or other Underlying Loan Documents received by it in accordance with this Agreement. For
avoidance of doubt, all rights, protections, indemnities and immunities provided in this Agreement in favor of the Custodian shall
also apply to the Document Custodian.



 


		4.	REPORTING



 


		(a)	The Custodian shall render to the Company a monthly report
of (i) all deposits to and withdrawals from the Cash Accounts during the month, and the outstanding balance (as of the last day
of the preceding monthly report and as of the last day of the subject month) and (ii) an itemized statement of the Securities
held pursuant to this Agreement as of the end of each month, all transactions in the Securities during the month, as well as a
list of all Securities transactions that remain unsettled at that time, and (iii) such other matters as the parties may agree
from time to time.



 


		(b)	For each Business Day, the Custodian shall render to the
Company a daily report of (i) all deposits to and withdrawals from the Cash Accounts for such Business Day and the outstanding
balance as of the end of such Business Day, and (ii) a report of settled trades of Securities for such Business Day.



 


		(c)	The Custodian shall have no duty or obligation to undertake
any market valuation of the Securities under any circumstance.



 




    	 	-16	 



     


    

 


		(d)	The Custodian shall provide the Company, promptly upon
request, with such reports as are reasonably available to it and as the Company may reasonably request from time to time, concerning
the internal accounting controls, including procedures for safeguarding securities which are employed by the Custodian and the
financial strength of the Custodian.



 


		5.	DEPOSIT IN U.S. SECURITIES SYSTEMS



 


The Custodian may deposit and/or maintain Securities in a Securities
System within the United States in accordance with applicable Federal Reserve Board and Securities and Exchange Commission rules
and regulations, including Rule 17f-4 under the 1940 Act, and subject to the following provisions:


 


		(a)	The Custodian may keep domestic Securities in a U.S. Securities
System; provided that such Securities are represented in an account of the Custodian in the U.S. Securities System which shall
not include any assets of the Custodian other than assets held by it as a fiduciary, custodian or otherwise for customers;



 


		(b)	The records of the Custodian with respect to Securities
which are maintained in a U.S. Securities System shall identify by book-entry those Securities belonging to the Company;



 


		(c)	The Custodian shall provide to the Company copies of all
notices received from the U.S. Securities System of transfers of Securities for the account of the Company; and



 


		(d)	Anything to the contrary in this Agreement notwithstanding,
the Custodian shall not be liable to the Company for any direct loss, damage, cost, expense, liability or claim to the Company
resulting from use of any U.S. Securities System (other than to the extent resulting from the gross negligence or willful misconduct
of the Custodian itself, or from failure of the Custodian to enforce effectively such rights as it may have against the U.S. Securities
System).



 


		6.	[RESERVED.]



 


		7.	CERTAIN GENERAL TERMS



 


7.1          No Duty to Examine Underlying Instruments.
Nothing herein shall obligate the Custodian to review or examine the terms of any underlying instrument, certificate, credit agreement,
indenture, loan agreement, promissory note, or other financing document evidencing or governing any Security to determine the validity,
sufficiency, marketability or enforceability of any Security (and shall have no responsibility for the genuineness or completeness
thereof), or otherwise.


 


7.2          Resolution of Discrepancies. In the
event of any discrepancy between the information set forth in any report provided by the Custodian to the Company and any information
contained in the books or records of the Company, the Company shall promptly notify the Custodian thereof and the parties shall
cooperate to diligently resolve the discrepancy.


 




    	 	-17	 



     


    

 


 


7.3          Improper Instructions. Notwithstanding
anything herein to the contrary, the Custodian shall not be obligated to take any action (or forebear from taking any action),
which it reasonably determines to be contrary to the terms of this Agreement or applicable law. In no instance shall the Custodian
be obligated to provide services on any day that is not a Business Day.


 


		7.4	Proper Instructions



 


		(a)	The Company will give written notice to the Custodian,
in forms acceptable to the Custodian, specifying the names and specimen signatures of persons authorized to give Proper Instructions
(collectively, “Authorized Persons” and each is an “Authorized Person”) on its behalf, which
notice shall be signed by any two Authorized Persons of the Company, previously certified to the Custodian. The Custodian shall
be entitled to rely upon the identity and authority of such persons until it receives written notice from an Authorized Person
of the Company to the contrary. The initial Authorized Persons of the Company are set forth on Schedule B attached hereto
and made a part hereof (as such Schedule B may be modified from time to time by written notice from the Company to the
Custodian); and the Company hereby represents and warrants that the true and accurate specimen signatures of such initial Authorized
Persons are set forth on Schedule B. If such persons elect to give the Custodian email or facsimile instructions (or instructions
by a similar electronic method) and the Custodian in its discretion elects to act upon such instructions, the Custodian’s
reasonable understanding of such instructions shall be deemed controlling. The Custodian shall not be liable for any losses, costs
or expenses arising directly or indirectly from the Custodian’s reliance upon and compliance with such instructions. Any
persons providing such instructions or directions agrees to assume all risks arising out of the use of such electronic methods
to submit instructions and directions to the Custodian, including without limitation the risk of the Custodian acting on unauthorized
instructions, and the risk of interception and misuse by third parties.



 


		(b)	The Custodian shall have no responsibility or liability
to the Company (or any other person or entity), and shall be indemnified and held harmless by the Company, in the event that a
subsequent written confirmation of an oral instruction fails to conform to the oral instructions received by the Custodian. The
Custodian shall not have an obligation to act in accordance with purported instructions to the extent that they conflict with
applicable law or regulations, local market practice or the Custodian’s operating policies and practices. The Custodian
shall not be liable for any loss resulting from a delay while it obtains clarification of any Proper Instructions.



 


7.5          Actions Permitted Without Express Authority.
The Custodian may, at its discretion, without express authority from the Company:


 




    	 	-18	 



     


    




 


(a)          make
payments to itself as described in or pursuant to Section 3.9(b), or to make payments to itself or others for minor expenses of
handling securities or other similar items relating to its duties under this Agreement; provided that (i) the Custodian shall have
first invoiced or billed the Company for such amounts and the Company shall have failed to pay such amounts within thirty (30)
days after the date of such invoice or bill, and (ii) all such payments shall be regularly accounted for to the Company;


 


(b)          surrender
Securities in temporary form for Securities in definitive form;


 


(c)          endorse
for collection cheques, drafts and other negotiable instruments; and


 


(d)          in
general attend to all nondiscretionary details in connection with the sale, exchange, substitution, purchase, transfer and other
dealings with the securities and property of the Company.


 


7.6          Evidence
of Authority. The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate, instrument
or paper reasonably believed by it to be genuine and to have been properly executed or otherwise given by or on behalf of the Company
by an Authorized Person. The Custodian may receive and accept a certificate signed by any Authorized Person as conclusive evidence
of:


 


(a)          the
authority of any person to act in accordance with such certificate; or


  


(b)          any
determination or action by the Company as described in such certificate,


 


and such certificate may be considered as in full force
and effect until receipt by the Custodian of written notice to the contrary from an Authorized Person.


 


7.7          Receipt
of Communications. Any communication received by the Custodian on a day which is not a Business Day or after 3:30 p.m., Eastern
time (or such other time as is agreed by the Company and the Custodian from time to time), on a Business Day will be deemed to
have been received on the next Business Day (but in the case of communications so received after 3:30 p.m., Eastern time, on a
Business Day the Custodian will use its best efforts to process such communications as soon as possible after receipt).


 


8.           COMPENSATION
OF CUSTODIAN


 


8.1          Fees.
The Custodian shall be entitled to compensation for its services in accordance with the terms of that certain fee letter dated
November 12, 2015, between the Company and the Custodian.


 






    	 	-19	 



     


    

 


8.2          Expenses.
The Company agrees to pay or reimburse to the Custodian upon its request from time to time all costs, disbursements, advances,
and expenses (including reasonable fees and expenses of legal counsel) incurred, and any disbursements and advances made (including
any account overdraft resulting from any settlement or assumed settlement, provisional credit, chargeback, returned deposit item,
reclaimed payment or claw-back, or the like), in connection with the preparation or execution of this Agreement, or in connection
with the transactions contemplated hereby or the administration of this Agreement or performance by the Custodian of its duties
and services under this Agreement, from time to time (including costs and expenses of any action deemed necessary by the Custodian
to collect any amounts owing to it under this Agreement).


 


9.           RESPONSIBILITY
OF CUSTODIAN


 


9.1          General
Duties. The Custodian shall have no duties, obligations or responsibilities under this Agreement or with respect to the Securities
or Proceeds except for such duties as are expressly and specifically set forth in this Agreement, and the duties and obligations
of the Custodian shall be determined solely by the express provisions of this Agreement. No implied duties, obligations or responsibilities
shall be read into this Agreement against, or on the part of, the Custodian.


 


9.2          Instructions


 


(a)          The
Custodian shall be entitled to refrain from taking any action unless it has such instruction (in the form of Proper Instructions)
from the Company as it reasonably deems necessary, and shall be entitled to require, upon notice to the Company, that Proper Instructions
to it be in writing. The Custodian shall have no liability for any action (or forbearance from action) taken pursuant to the Proper
Instruction of the Company.


 


(b)          Whenever
the Custodian is entitled or required to receive or obtain any communications or information pursuant to or as contemplated by
this Agreement, it shall be entitled to receive the same in writing, in form, content and medium reasonably acceptable to it and
otherwise in accordance with any applicable terms of this Agreement; and whenever any report or other information is required to
be produced or distributed by the Custodian it shall be in form, content and medium reasonably acceptable to it and the Company
and otherwise in accordance with any applicable terms of this Agreement.


 


9.3          General
Standards of Care. Notwithstanding any terms herein contained to the contrary, the acceptance by the Custodian of its appointment
hereunder is expressly subject to the following terms, which shall govern and apply to each of the terms and provisions of this
Agreement (whether or not so stated therein):


 




    	 	-20	 



     


    

 


(a)          The
Custodian may rely on (and shall be protected in acting or refraining from acting in reliance upon) any written notice, instruction,
statement, certificate, request, waiver, consent, opinion, report, receipt or other paper or document furnished to it (including
any of the foregoing provided to it by electronic means), not only as to its due execution and validity, but also as to the truth
and accuracy of any information therein contained, which it in good faith believes to be genuine and signed or presented by the
proper person (which in the case of any instruction from or on behalf of the Company shall be an Authorized Person); and the Custodian
shall be entitled to presume the genuineness and due authority of any signature appearing thereon. The Custodian shall not be bound
to make any independent investigation into the facts or matters stated in any such notice, instruction, statement, certificate,
request, waiver, consent, opinion, report, receipt or other paper or document; provided, however, that, if the form thereof is
specifically prescribed by the terms of this Agreement, the Custodian shall examine the same to determine whether it substantially
conforms on its face to such requirements hereof.


 


(b)          Neither
the Custodian nor any of its directors, officers or employees shall be liable to anyone for any error of judgment, or for any act
done or step taken or omitted to be taken by it (or any of its directors, officers of employees), or for any mistake of fact or
law, or for anything which it may do or refrain from doing in connection herewith, unless such action or inaction constitutes gross
negligence, willful misconduct or bad faith on its part and in breach of the terms of this Agreement. The Custodian shall not be
liable for any action taken by it in good faith and reasonably believed by it to be within powers conferred upon it, or taken by
it pursuant to any direction or instruction by which it is governed hereunder, or omitted to be taken by it by reason of the lack
of direction or instruction required hereby for such action. The Custodian shall not be under any obligation at any time to ascertain
whether the Company is in compliance with the 1940 Act, the regulations thereunder, or the Company’s investment objectives
and policies then in effect.


 


(c)          In
no event shall the Custodian be liable for any indirect, special, consequential or punitive damages (including lost profits) whether
or not it has been advised of the likelihood of such damages.


 


(d)          The
Custodian may consult with, and obtain advice from, legal counsel selected in good faith with respect to any question as to any
of the provisions hereof or its duties hereunder, or any matter relating hereto, and the written opinion or advice of such counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Custodian in
good faith in accordance with the opinion and directions of such counsel; the reasonable cost of such services shall be reimbursed
pursuant to Section 8.2 above.


 


(e)          The
Custodian shall not be deemed to have notice of any fact, claim or demand with respect hereto unless actually known by an officer
working in its Corporate Trust Services group and charged with responsibility for administering this Agreement or unless (and then
only to the extent received) in writing by the Custodian at the applicable address(es) as set forth in Section 15 and specifically
referencing this Agreement.


 




    	 	-21	 



     


    

 


(f)          No
provision of this Agreement shall require the Custodian to expend or risk its own funds, or to take any action (or forbear from
action) hereunder which might in its judgment involve any expense or any financial or other liability unless it shall be furnished
with acceptable indemnification. Nothing herein shall obligate the Custodian to commence, prosecute or defend legal proceedings
in any instance, whether on behalf of the Company or on its own behalf or otherwise, with respect to any matter arising hereunder,
or relating to this Agreement or the services contemplated hereby.


 


(g)          The
permissive right of the Custodian to take any action hereunder shall not be construed as duty.


 


(h)          The
Custodian may act or exercise its duties or powers hereunder through agents (including, for avoidance of doubt, sub-custodians)
or attorneys, and the Custodian shall not be liable or responsible for the actions or omissions of any such agent or attorney (i)
appointed with the Company’s prior written consent specifically acknowledging such limitation of liability and (ii) maintained
with reasonable due care.


 


(i)          All
indemnifications contained in this Agreement in favor of the Custodian shall survive the termination of this Agreement or earlier
resignation or removal of the Custodian.


 


9.4          Indemnification;
Custodian’s Lien.


 


(a)          The
Company shall and does hereby indemnify and hold harmless each of the Custodian for and from any and all costs and expenses (including
reasonable attorney’s fees and expenses), and any and all losses, damages, claims and liabilities, that may arise, be brought
against or incurred by the Custodian, whether direct, indirect or consequential, as a result of or arising from or in any way
relating to any claim, demand, suit, action or proceeding (including any inquiry or investigation) by any person, including without
limitation the Company or any Subsidiary, and any advances or disbursements made by the Custodian (including in respect of any
Account overdraft, returned deposit item, chargeback, provisional credit, settlement or assumed settlement, reclaimed payment,
claw- back or the like), as a result of, relating to, or arising out of this Agreement, or the administration or performance of
the Custodian’s duties hereunder, or the relationship between the Company (including, for the avoidance of doubt, any Subsidiary)
and the Custodian created hereby, other than such liabilities, losses, damages, claims, costs and expenses as are directly caused
by the Custodian’s action or inaction constituting gross negligence or willful misconduct.


 






    	 	-22	 



     


    

 


(b)          If
the Company requires the Custodian, its affiliates, subsidiaries or agents, to advance cash or securities for any purpose (including
but not limited to securities settlements, foreign exchange contracts and assumed settlement) or in the event that the Custodian
or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with
the performance of this Agreement, except such as may arise from its or its nominee’s own gross negligent action, grossly
negligent failure to act or willful misconduct, or if the Company fails to compensate or pay the Custodian pursuant to Section
8.1 or Section 9.4 hereof, any cash at any time held for the account of the Company shall be security therefor and should the
Company fail to repay the Custodian promptly (or, if specified, within the time frame provided herein), the Custodian shall be
entitled to utilize available cash to the extent necessary to obtain reimbursement


 


9.5           Force
Majeure. Without prejudice to the generality of the foregoing, the Custodian shall be without liability to the Company for
any damage or loss resulting from or caused by events or circumstances beyond the Custodian’s reasonable control, including
nationalization, expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures and
practices of any securities market, power, mechanical, communications or other technological failures or interruptions, computer
viruses or the like, fires, floods, earthquakes or other natural disasters, civil and military disturbance, acts of war or terrorism,
riots, revolution, acts of God, work stoppages, strikes, national disasters of any kind, or other similar events or acts; errors
by the Company (including any Authorized Person) in its instructions to the Custodian; or changes in applicable law, regulation
or orders.


 


10.         SECURITY
CODES


 


If the Custodian issues to the Company security codes, passwords
or test keys in order that it may verify that certain transmissions of information, including Proper Instructions, have been originated
by the Company, the Company shall take all commercially reasonable steps to safeguard any security codes, passwords, test keys
or other security devices which the Custodian shall make available.


 


11.         TAX
LAW


 


11.1         Domestic
Tax Law. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on the
Company, or the Custodian as custodian of the Securities or the Proceeds, by the tax law of the United States or any state or
political subdivision thereof. The Custodian shall be kept indemnified by and be without liability to the Company for such
obligations including taxes (but excluding any income taxes assessable in respect of compensation paid to the Custodian
pursuant to this Agreement), withholding, certification and reporting requirements, claims for exemption or refund, additions
for late payment interest, penalties and other expenses (including legal expenses) that may be assessed against the Company,
or the Custodian as custodian of the Securities or Proceeds.


 


11.2         [Reserved.]


 




    	 	-23	 



     


    

 


12.          EFFECTIVE
PERIOD, TERMINATION


 


12.1         Effective
Date. This Agreement shall become effective as of its due execution and delivery by each of the parties. This Agreement shall
continue in full force and effect until terminated as hereinafter provided. This Agreement may be terminated by the Custodian or
the Company pursuant to Section 12.2.


 


12.2         Termination.
This Agreement shall terminate upon the earliest of (a) occurrence of the effective date of termination specified in any written
notice of termination given by the Company or the Custodian to the other not later than sixty (60) days prior to the effective
date of termination specified therein, (b) such other date of termination as may be mutually agreed upon by the parties in writing.


 


12.3         Resignation.
The Custodian may at any time resign under this Agreement by giving not less than sixty (60) days advance written notice thereof
to the Company. The Company may at any time remove the Custodian under this Agreement by giving not less than sixty (60) days advance
written notice thereof to the Custodian.


 


12.4         Successor.
Prior to the effective date of termination of this Agreement, or the effective date of the resignation or removal of the
Custodian, as the case may be, the Company shall give Proper Instructions to the Custodian designating a successor Custodian,
if applicable. The Custodian shall, upon receipt of Proper Instruction from the Company (i) deliver directly to the successor
Custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by
the Company and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or
Securities Depository to an account of or for the benefit of the Company at the successor Custodian, provided that the
Company shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it
shall then be entitled. In addition, the Custodian shall, at the expense of the Company, transfer to such successor all
relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement (if
such form differs from the form in which the Custodian has maintained the same, the Company shall pay any expenses associated
with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities. Upon such
delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.


 


12.5         Payment
of Fees, etc. Upon termination of this Agreement or resignation or removal of the Custodian, the Company shall pay to the Custodian
such compensation, and shall likewise reimburse the Custodian for its costs, expenses and disbursements, as may be due as of the
date of such termination or resignation (or removal, as the case may be). All indemnifications in favor of the Custodian under
this Agreement shall survive the termination of this Agreement, or any resignation or removal of the Custodian.


 




    	 	-24	 



     


    

 


12.6         Final
Report. In the event of any resignation or removal of the Custodian, the Custodian shall provide to the Company a complete
final report or data file transfer of any Confidential Information as of the date of such resignation or removal.


 


13.          REPRESENTATIONS
AND WARRANTIES


 


13.1         Representations
of the Company. The Company represents and warrants to the Custodian that:


 


(a)           it
has the power and authority to enter into and perform its obligations under this Agreement, and it has duly authorized, executed
and delivered this Agreement so as to constitute its valid and binding obligation; and


 


(b)           in
giving any instructions which purport to be “Proper Instructions” under this Agreement, the Company will act in accordance
with the provisions of its certificate of incorporation and bylaws and any applicable laws and regulations.


 


13.2         Representations
of the Custodian. The Custodian hereby represents and warrants to the Company that:


 


(a)           it
is qualified to act as a custodian pursuant to Sections 17(f) and 26(a)(1) of the 1940 Act;


 


(b)           it
has the power and authority to enter into and perform its obligations under this Agreement;


 


(c)           it
has duly authorized, executed and delivered this Agreement so as to constitute its valid and binding obligations; and


 


(d)           it
maintains business continuity policies and standards that include data file backup and recovery procedures that comply with all
applicable regulatory requirements.


 


14.         PARTIES
IN INTEREST; NO THIRD PARTY BENEFIT


 


This Agreement is not intended for, and shall not be construed to
be intended for, the benefit of any third parties and may not be relied upon or enforced by any third parties (other than successors
and permitted assigns pursuant to Section 19).


 


15.         NOTICES


 


Any Proper Instructions (to the extent given by hand, mail, courier,
electronic mail or telecopier) shall be given to the following address (or such other address as either party may designate by
written notice to the other party), and otherwise any notices, approvals and other communications hereunder shall be sufficient
if made in writing and given to the parties at the following address (or such other address as either of them may subsequently
designate by notice to the other), given by (i) hand, (ii) certified or registered mail, postage prepaid, (iii) recognized courier
or delivery service, or (iv) confirmed by electronic mail:


 




    	 	-25	 



     


    

 


(a)          if
to the Company or any Subsidiary, to


 


GSV Growth Credit Fund Inc.


2925 Woodside Road


Woodside, CA 94062


Attention: Thomas Raterman, Chief Financial Officer


Tel: (312) 552-7167


Email: traterman@gsvfg.com


 


(b)          if
to the Custodian (other than in its role as Document Custodian), to


 


U.S. Bank Global Corporate Trust Services


One Federal Street, 3rd Floor


Boston, MA 02110


Attention: Peter Murphy


Tel: (617) 603-6511


Email: peter.murphy@usbank.com


 


(c)          if
to the Custodian solely in its role as Document Custodian, to


 


U.S. Bank National Association


1719 Otis Way


Mail Code: Ex – SC – FLOR


Florence, South
Carolina 29501


Attention: Steven Garrett


Ref: GSV Growth Credit Fund Inc.


Fax: (843) 673-0162


 


16.         CHOICE
OF LAW AND JURISDICTION


 


This Agreement shall be construed, and the provisions thereof interpreted
under and in accordance with and governed by the laws of the State of New York for all purposes (without regard to its choice of
law provisions); except to the extent such laws are inconsistent with federal securities laws, including the 1940 Act, in which
case such federal securities laws shall govern. The Custodian and the Company each waive, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this agreement, any other agreement
or the transactions contemplated hereby.


 




    	 	-26	 



     


    

 


17.         ENTIRE
AGREEMENT; COUNTERPARTS


 


17.1         Complete
Agreement. This Agreement constitutes the complete and exclusive agreement of the parties with regard to the matters addressed
herein and supersedes and terminates, as of the date hereof, all prior agreements or understandings, oral or written, between the
parties to this Agreement relating to such matters.


 


17.2         Counterparts.
This Agreement may be executed in any number of counterparts and all counterparts taken together shall constitute one and the same
instrument.


 


17.3         Facsimile
Signatures. The exchange of copies of this Agreement and of signature pages by facsimile transmission or pdf shall constitute
effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for


all purposes. Signatures of the parties transmitted by
facsimile or pdf shall be deemed to be their original signatures for all purposes.


 


18.         AMENDMENT;
WAIVER


 


18.1         Amendment.
This Agreement may not be amended except by an express written instrument duly executed by each of the Company, the Custodian and
the Document Custodian.


 


18.2         Waiver.
In no instance shall any delay or failure to act be deemed to be or effective as a waiver of any right, power or term hereunder,
unless and except to the extent such waiver is set forth in an express written instrument signed by the party against whom it is
to be charged.


 


19.         SUCCESSOR
AND ASSIGNS


 


19.1         Successors
Bound. The covenants and agreements set forth herein shall be binding upon and inure to the benefit of each of the parties
and their respective successors and permitted assigns. Neither party shall be permitted to assign their rights under this Agreement
without the written consent of the other party; provided, however, that the foregoing shall not limit the ability of the Custodian
to delegate certain duties or services to or perform them through agents or attorneys appointed with due care as expressly provided
in this Agreement.


 


19.2         Merger
and Consolidation. Any corporation or association into which the Custodian may be merged or converted or with which it may
be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Custodian
shall be a party, or any corporation or association to which the Custodian transfers all or substantially all of its corporate
trust business, shall be the successor of the Custodian hereunder, and shall succeed to all of the rights, powers and duties of
the Custodian hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto.


 




    	 	-27	 



     


    

 


20.         SEVERABILITY


 


The terms of this Agreement are hereby declared to be severable,
such that if any term hereof is determined to be invalid or unenforceable, such determination shall not affect the remaining terms.


 


21.         REQUEST
FOR INSTRUCTIONS


 


If, in performing its duties under this Agreement, the Custodian
is required to decide between alternative courses of action, the Custodian may (but shall not be obliged to) request written instructions
from the Company as to the course of action desired by it. If the Custodian does not receive such instructions within two (2) Business
Days after it has requested them, the Custodian may, but shall be under no duty to, take or refrain from taking any such courses
of action. The Custodian shall act in accordance with instructions received from the Company in response to such request after
such two-Business Day period except to the extent it has already taken, or committed itself to take, action inconsistent with such
instructions.


 


22.         OTHER
BUSINESS


 


Nothing herein shall prevent the Custodian or any of its affiliates
from engaging in other business, or from entering into any other transaction or financial or other relationship with, or receiving
fees from or from rendering services of any kind to the Company or any other Person. Nothing contained in this Agreement shall
constitute the Company and/or the Custodian (and/or any other Person) as members of any partnership, joint venture, association,
syndicate, unincorporated business or similar assignment as a result of or by virtue of the engagement or relationship established
by this Agreement.


 


23.         REPRODUCTION
OF DOCUMENTS


 


This Agreement and all schedules, exhibits, attachments and amendment
hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process.
The parties hereto each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial
or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party
in the regular course of business, and that any enlargement, facsimile or further production shall likewise be admissible in evidence.


 


24.         ACQUISITION
OF FOREIGN SECURITIES


 


The Custodian acknowledges that, upon the Company’s written
notice to the Custodian of its anticipated acquisition of any foreign securities to be held pursuant to this Agreement, the Company
and the Custodian will negotiate in good faith to amend this Agreement to reflect the holding of such foreign securities pursuant
to this Agreement, including with respect to provisions that may be required by law for a business development company.


 




    	 	-28	 



     


    

 


25.          MISCELLANEOUS


 


The Company acknowledges receipt of the following notice:


 


“ IMPORTANT INFORMATION
ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT.


 


To help the government fight the funding of terrorism
and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that
identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other
legal entity the


Custodian will ask for documentation to verify its
formation and existence as a legal entity. The Custodian may also ask to see financial statements, licenses, identification and
authorization documents from individuals claiming authority to represent the entity or other relevant documentation.”


 


[PAGE INTENTIONALLY ENDS HERE. SIGNATURES APPEAR
ON NEXT PAGE.]


 




    	 	-29	 



     


    

 


IN WITNESS WHEREOF, each of the parties
has caused this Agreement to be executed and delivered by a duly authorized officer, intending the same to take effect as of the
date first written above.


 


	 	GSV GROWTH CREDIT FUND INC.
	 	as the Company
	 	 	 
	 	By: 	 
	 	Name:  David Spreng
	 	Title: Chief Executive Officer
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

                    as the Custodian

	 	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,

                    as the Document Custodian

	 	 	 
	 	By:	 
	 	Name:
	 	Title:


 


[Signature Page to Custody Agreement]


 




     


     


    

 


SCHEDULE A


 


(Trade Confirmation)


 


[See Attached.]


 




     


     


    

 


SCHEDULE B


 


CERTIFICATE OF AUTHORIZED PERSONS


 


Each of the undersigned
hereby certifies that he/she is the duly elected and acting Chief Executive Officer and Chief Financial Officer, respectively,
of GSV Growth Credit Fund Inc. (the “Company”), and further certifies that the following officers or employees of the
Company have been duly authorized to deliver Proper Instructions to the Custodian pursuant to the Agreement between the Company and Custodian, dated November , 2016, and that the
signatures appearing opposite their names are true and correct:


 


	 	 	 	 	 
	David Spreng	 	Chief Executive Officer	 	Signature
	 	 	 	 	 
	 	 	 	 	 
	Thomas Raterman	 	Chief Financial Officer	 	Signature
	 	 	 	 	 
	 	 	 	 	 
	Name	 	Title	 	Signature
	 	 	 	 	 
	 	 	 	 	 
	Name	 	Title	 	Signature
	 	 	 	 	 
	 	 	 	 	 
	Name	 	Title	 	Signature
	 	 	 	 	 
	 	 	 	 	 
	Name	 	Title	 	Signature
	 	 	 	 	 
	 	 	 	 	 
	Name	 	Title	 	Signature


 


This certificate supersedes any certificate of Authorized Persons
you may currently have on file.


 


	 	By:	 
	 	Title: Chief Executive Officer
	 	Date:
	 	 	 
	 	By:	 
	 	Title: Chief Financial Officer
	 	Date:


 




     


     


    

 


SCHEDULE C


 


Persons Authorized to Confirm Instructions by call-back


 


The following persons are authorized by the
Company to confirm instructions to the Custodian:


 


	Name	 	Telephone Number	 	Email
	David Spreng	 	(415) 640-2902	 	dspreng@gsvgc.com
	Thomas Raterman	 	(312) 552-7167	 	Traterman@gsvgc.com